Question # 1
| Which three of these statements are true for Rollup By Lookup (RBL) in Financial Services Cloud? | | A. An RBL (Rollup By Lookup) rule displays summary calculations of financial account information, such as account balances. | | B. Person Accounts need to be enabled in order to use the Rollup by Lookup functionality. | | C. The Rollup By Lookup (RBL) configuration updates the corresponding RBL summaries at the diem and group levels | | D. Salesforce does not recommend or provide support for creation or customization of Financial Services Cloud RBL rules | | E. RBL rules do not require a lot of processing power. |
A. An RBL (Rollup By Lookup) rule displays summary calculations of financial account information, such as account balances.
C. The Rollup By Lookup (RBL) configuration updates the corresponding RBL summaries at the diem and group levels
D. Salesforce does not recommend or provide support for creation or customization of Financial Services Cloud RBL rules
Explanation:
The following statements are true for Rollup By Lookup (RBL) in Financial Services Cloud:
An RBL (Rollup By Lookup) rule displays summary calculations of financial account information, such as account balances. You can use RBL rules to aggregate financial account data across different levels of client relationships.
The Rollup By Lookup (RBL) configuration updates the corresponding RBL summaries at the diem and group levels. You can use RBL configuration to define which fields are rolled up and how they are calculated for each diem and group type.
Salesforce does not recommend or provide support for creation or customization of Financial Services Cloud RBL rules. RBL rules are complex and require extensive testing and validation. If you need to create or customize RBL rules, you should contact a certified Salesforce partner or consultant. Verified References: : Salesforce Financial Services Cloud Implementation Guide, page 75. : Salesforce Financial Services Cloud Implementation Guide, page 76. : Salesforce Financial Services Cloud Implementation Guide, page 77.
Question # 2
| A financial services company must add details to the default business hours record. For company-wide holidays, the company wants the option to skip non-work days in Action Plan when setting task completion dates.
What should the administrator configure to meet the requirement? | | A. Omit the day's start and end time fields when the administrator wants to indicate a non- working day. | | B. Select Recurring Holidays as Action Plans and consider recurring holidays when determining the non-work days to skip. | | C. Configure the day without business hours, it is considered a non-work day, even if the day is a recurring holiday. | | D. Add non-work days to the date offset when calculating the task completion date is automatic; no setup is required. |
C. Configure the day without business hours, it is considered a non-work day, even if the day is a recurring holiday.
Explanation:
To skip non-work days in Action Plan when setting task completion dates, the administrator should configure the day without business hours, as it is considered a non-work day, even if the day is a recurring holiday. This means that the administrator should leave the start and end time fields blank for any day that is not a working day, such as Saturday or Sunday. Action Plans will then automatically omit those days when calculating the task completion dates based on the business hours1. Recurring holidays are not considered by Action Plans when determining the non-work days to skip2.
References:
Set Business Hours
Set Up Company-wide Holidays
Question # 3
| Personal Banker Hank Burton is questioning his Referral Score shown in Salesforce Financial Services Cloud. When is the Referral Score updated? | | A. The Referral Score updated when a referral is convened to an Opportunity or closed. | | B. The Referral Score updated when a lead is created using the referral record type. | | C. The Referral Score updated when a referral is assigned from the queue to a user. | | D. The Referral Score updated when an opportunity associated with the Referral is Closed Won |
D. The Referral Score updated when an opportunity associated with the Referral is Closed Won
Explanation:
The Referral Score is updated when an opportunity associated with the Referral is Closed Won. The Referral Score is a metric that measures the quality and quantity of referrals that a user creates or receives. The Referral Score is calculated as the number of referrals converted to opportunities divided by the total number of referrals. The Referral Score is displayed in the Referral Summary component on the user’s Home page or record page. The Referral Score is updated whenever a referral is converted to an opportunity or an opportunity is closed as won or lost. Verified References: : Salesforce Help Article 2 : Salesforce Help Article 4
Question # 4
| During the design phase of a project, a consultant needs to provide a Financial Services Cloud (FSC) solution for a business requirement that forces a customer to answer a number of assessment questions to complete the onboarding process.
What are three things to consider regarding Discovery Framework? | | A. Discovery Framework creates highly capable forms with integrations and advanced logic. | | B. Discovery Framework forms cannot be deployed to Communities, | | C. Discovery Framework is built based on Salesforce Flow. | | D. Discovery Framework can create both standard and hierarchical questions. | | E. FSC Discovery Framework allows archiving questions. |
A. Discovery Framework creates highly capable forms with integrations and advanced logic.
D. Discovery Framework can create both standard and hierarchical questions.
E. FSC Discovery Framework allows archiving questions.
Explanation:
Discovery Framework is a scalable assessment framework that financial institutions use to gather and evaluate customer information through digital and human channels. Some of the things to consider regarding Discovery Framework are:
Discovery Framework creates highly capable forms with integrations and advanced logic. The forms can be customized with various types of questions, validations, calculations, branching, and integrations with external systems1.
Discovery Framework can create both standard and hierarchical questions. Standard questions are single-level questions that can be grouped into sections. Hierarchical questions are multi-level questions that can have subquestions based on the answer to the parent question2.
FSC Discovery Framework allows archiving questions. Archiving a question removes it from the active question pool and prevents it from being added to new forms. Archived questions can be restored if needed3.
References:
Discovery Framework
Create Questions for Discovery Framework
Archive Questions for Discovery Framework
Question # 5
| An asset management firm that is moving to Salesforce from its old CRM wants to be able to bring over its client data on drivers’ licenses and passports. 55m 058
Which Financial Services Cloud object should a consultant recommend? | | A. Document Checklist Item | | B. Received Document | | C. Identification Document | | D. Identity Document |
C. Identification Document
Explanation:
Identification Document is the Financial Services Cloud object that should be recommended for storing client data on drivers’ licenses and passports. Identification Document is a standard object that represents a document that verifies a person’s identity, such as a driver’s license, passport, or national ID card. You can create identification document records for individual clients and link them to their person accounts. You can also store information such as document type, number, issue date, expiration date, and country of issuance. References: [Identification Document Object], [Manage Identification Documents]
Question # 6
| During a project's design phase, a consultant must provide a Financial Services Cloud solution that can support Compliant Data Sharing (CDS). What are three things the
consultant should consider regarding CDS? | | A. ParticipantRoles provide another way to grant data access without overwriting sharing
behavior from existing sharing features. | | B. A financial services company wants to track different categories of financial accounts in
its org. Relationship managers must be able tosee all of these financial accounts in one
place on the customer's Account record page grouped by categories. Which three steps
should an administrator take to configure the Financial Account object and the Account
Lightning record page to meet the design? | | C. Compliance managers and Salesforce administrators can enable CDS for Account and
Opportunity objects. | | D. Role Hierarchy—based sharing is disabled by default in CDS. | | E. In a standard Salesforce org, Role Hierarchy for Account and Opportunity objects
isenabled by default and can't be turned off. |
A. ParticipantRoles provide another way to grant data access without overwriting sharing
behavior from existing sharing features.
C. Compliance managers and Salesforce administrators can enable CDS for Account and
Opportunity objects.
D. Role Hierarchy—based sharing is disabled by default in CDS.
Explanation: Compliant Data Sharing (CDS) is a feature of Financial Services Cloud that
allows granular control over access to sensitive data in Account and Opportunity objects.
CDS can help financial services companies comply with regulationsand policies that restrict
data visibility based on user roles. Some considerations regarding CDS are:
Participant Roles provide another way to grant data access without overwriting sharing
behavior from existing sharing features. Participant Roles are custom objects that define
the possible roles for users who need access to Account or Opportunity records. For
example, a Participant Role can be Advisor, Client, Specialist, or Decision Maker. Each
Participant Role has an associated access level that determines what data fields the user
can view or edit. For example, an Advisor can have full access to all fields, while a Client
can have read-only access to some fields.
Compliance managers and Salesforce administrators can enable CDS for Account and
Opportunity objects. CDS is not enabled by default in Financial Services Cloud. To enable
CDS, compliance managers or administrators need to create an integration definition
record for each object that they want to enable CDS for. An integration definition record
specifies the object name, the field name that contains sensitive data (such as Notes), the
field name that contains the record owner (such as OwnerId), and the field name that
contains the record type (such as RecordTypeId).
Role Hierarchy—based sharing isdisabled by default in CDS. Role Hierarchy is a feature of
Salesforce that allows users to inherit access to records from their managers or peers in
the role hierarchy. For example, if a user has access to an Account record, their manager
also has access to that record by default. However, in CDS, role hierarchy—based sharing
is disabled by default for Account and Opportunity objects. This means that users do not
inherit access to records from their role hierarchy unless they are explicitly granted access
through Participant Roles or other sharing features.
Question # 7
| Lake Tahoe Bank would like to capture their commercial customers in FSC. A commercial customer can be owned by multiple groups. How can Lake Tahoe Bank SF Admin configure FSC to capture and display commercial customer and its parent company ? (3 correct answers) | | A. Add the Business record type to the Group record type mapper | | B. Capture the majority owner as parent account using Account hierarchy | | C. Leverage Groups to capture the majority owner and Account hierarchy to capture minority owner | | D. Enable Relationship Group Hierarchy in Custom Metadata | | E. Link multiple owners to the business entity as a Group |
A. Add the Business record type to the Group record type mapper
C. Leverage Groups to capture the majority owner and Account hierarchy to capture minority owner
E. Link multiple owners to the business entity as a Group
Explanation:
To capture and display commercial customers and their parent companies, Lake Tahoe Bank SF Admin can use the following steps:
Add the Business record type to the Group record type mapper, which is a custom metadata type that defines which record types can be added as members of a group1.
Leverage Groups to capture the majority owner of a commercial customer, which is a business entity that has a stake in another business entity1. Groups are a feature that allows users to create and manage household and business relationships1.
Use Account hierarchy to capture minority owners of a commercial customer, which are business entities that have less than 50% stake in another business entity2. Account hierarchy is a feature that allows users to see how accounts are related to each other in a parent-child relationship2.
Link multiple owners to the business entity as a Group, which allows users to see all the stakeholders of a commercial customer in one place1
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- It also tests candidates abilities in prospecting, client onboarding, collaboration, relationship management, and reporting.
Exam Format: - The exam consists of multiple-choice questions.
- The total number of questions may vary but typically ranges from 60 to 90.
- The exam duration is around 105 minutes.
Preparation Tips:Study the Exam Guide:
- Review the official Exam Guide provided by Salesforce, which outlines the exam objectives and topics.
- Familiarize yourself with the content weightings to prioritize your study areas accordingly.
Practical Experience:
- Gain hands-on experience with Salesforce Financial Services Cloud by working on real-world projects.
- Practice using the platforms tools and features to deepen your understanding of its functionalities.
Training and Study Materials:
- Access official Salesforce training courses tailored for Financial Services Cloud.
- Use study materials such as books, online tutorials, and practice exams to enhance your knowledge.
Exam Preparation Resources:
- Official Salesforce Documentation:
Refer to the official Salesforce documentation, including implementation guides, release notes, and best practice documents. Examine Financial Services Cloud modules on RealBraindumps, which offers interactive learning paths, modules, and hands-on challenges. Participate in the Salesforce community through forums and discussion boards to share insights, seek guidance, and gain valuable perspectives from fellow members. Exam Day Tips:
- Read the Questions Carefully:
Read the questions to ensure a clear understanding before selecting an answer. Allocate your time wisely, considering the number of questions and exam duration. Use critical thinking techniques, such as prioritizing information, to narrow down your choices and increase your chances of selecting the correct option. Conclusion:
The Salesforce Financial Services Cloud Exam is a valuable certification that demonstrates proficiency in using Salesforces Financial Services Cloud platform. By preparing well and gaining practical experience, people can confidently showcase their expertise and find exciting opportunities in the financial services industry.
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FAQs of Financial-Services-Cloud Exam
What is the Salesforce Financial Services Cloud Exam?
The Salesforce Financial Services Cloud Exam is a specialized certification test aimed at validating expertise in the Salesforce Financial Services Cloud application. This exam tests a candidate’s knowledge in implementing, configuring, and managing Salesforce solutions tailored for the financial services industry, including wealth management, banking, insurance, and mortgage services.
Who should take the Salesforce Financial Services Cloud Exam?
This exam is ideal for Salesforce professionals, system administrators, IT managers, and consultants who work with financial services institutions. Candidates should have hands-on experience with the Financial Services Cloud and a deep understanding of the financial services industry's needs and regulatory requirements.
What topics are covered in the Salesforce Financial Services Cloud Exam?
Key topics include Financial Services Cloud data model, industry-specific functionalities, client relationship management, compliance and regulatory requirements, financial goal management, and integration with other Salesforce Clouds. The exam also covers customization, data management, and analytics specific to financial services.
How many questions are there on the Salesforce Financial Services Cloud Exam, and what is its format?
The Salesforce Financial Services Cloud Exam typically consists of around 60 multiple-choice and multiple-select questions. The format is designed to assess both theoretical knowledge and practical application skills in the Financial Services Cloud environment.
What is the passing score for the Salesforce Financial Services Cloud Exam?
The passing score for this exam is generally around 65%.
What are the benefits of passing the Salesforce Financial Services Cloud Exam?
Passing the exam recognizes you as a Salesforce Certified Financial Services Cloud specialist, enhancing your professional credibility. It opens up advanced career opportunities in the Salesforce ecosystem, especially within financial institutions. Additionally, it demonstrates a commitment to staying current with Salesforce technologies and best practices in the financial services sector.
How can I prepare for the Salesforce Financial Services Cloud Exam?
Preparation should include studying the official Salesforce Financial Services Cloud materials, hands-on practice in a Salesforce environment, and completing relevant training courses. Practice exams and study groups can also be beneficial. It’s important to have a solid understanding of both Salesforce core functionalities and the specific features and best practices of the Financial Services Cloud.
Are there any prerequisites or recommended experience before taking the Salesforce Financial Services Cloud Exam?
While there are no formal prerequisites, it’s recommended that candidates have at least six months of experience working with the Financial Services Cloud. Familiarity with Salesforce’s core functionalities and a background in the financial services industry will also be advantageous.
FAQs of Financial-Services-Cloud Exam
What is Financial Services Cloud?
Financial Services Cloud is a reimagined front office that provides a clean, aggregated view of client information, accelerates productivity with digital workflows, and enables personalized service delivery.
What does the term Account mean within Financial Services Cloud?
In Financial Services Cloud, Account can refer to a client, household, or business entity, distinct from a financial account.
How is a Client defined in Financial Services Cloud?
In Financial Services Cloud, a Client is defined as a person or organization that has conducted, is conducting, or may conduct business with your firm.
What is the distinction between Customer and Client in Financial Services Cloud?
Customer and Client are used interchangeably in Financial Services Cloud, both referring to individuals or organizations engaging with your firm.
What is a Financial account in Financial Services Cloud?
A Financial account in Financial Services Cloud encompasses investment accounts, bank accounts, insurance policies, and similar financial instruments.
How is a Household defined within Financial Services Cloud?
Within Financial Services Cloud, a Household is a relationship group comprising individuals and business entities with direct relationships, with financial summaries consolidated at the household level.
What does the term Prospect mean in Financial Services Cloud?
In Financial Services Cloud, a Prospect refers to a person or organization with the potential to become a client in the future.
What features does the Home Page offer in Financial Services Cloud?
The Home Page in Financial Services Cloud provides tailored access to priority tasks, including referral performance, lead alerts, interaction summaries, scheduled appointments, and key task summaries.
How can users filter client and household lists in Financial Services Cloud?
Users can filter client and household lists in Financial Services Cloud based on interests or financial characteristics, accessing predefined list views or customizing filters for segmentation.
What information is available on client and household profiles in Financial Services Cloud?
Client and household profiles in Financial Services Cloud offer comprehensive views of financial accounts, relationships, goals, activity history, and communication logs, facilitating personalized client engagement and planning.
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